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  • 1
    Online Resource
    Online Resource
    Corporate Debt Maturity in Developing Countries : Sources of Long- and Short-Termism (2017)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048270039
    Format: 1 Online-Ressource (47 p)
    Series Statement: World Bank E-Library Archive
    Content: This paper documents to what extent firms from developing countries borrow short versus long term, using data on corporate bond and syndicated loan markets. Contrary to claims in the literature based on firm balance sheets, firms from developing countries borrow through bonds and syndicated loans at maturities similar to those obtained by developed country firms. The composition and use of financing matters. Firms from developing countries borrow shorter term in domestic bond markets, but the differences in international issuances (accounting for most of the proceeds) are significantly smaller. Developing country firms borrow longer term in syndicated loan markets, which they partially use for infrastructure projects. However, only large firms from developing countries (similar in size to those from developed ones) issue bonds and syndicated loans. The short-termism in developing countries is partly explained by a lower proportion of firms using these markets, with more firms relying on other shorter-term instruments
    Additional Edition: Erscheint auch als Druck-Ausgabe Cortina, Juan J Corporate Debt Maturity in Developing Countries: Sources of Long- and Short-Termism Washington, D.C : The World Bank, 2017
    Language: English
    DOI: 10.1596/1813-9450-8222
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Access
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    Stabi Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    The Rise of Domestic Capital Markets for Corporate Financing (2019)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048272690
    Format: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Content: During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By examining the case of East Asia, this paper shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. As domestic markets developed, more and smaller firms gained access to equity and corporate bond financing. Domestic markets also helped some corporations to diversify funding sources and obtain domestic currency financing. Policy reforms following the Asian Financial Crisis accompanied the growth of domestic markets. Part of the reforms were aimed at developing domestic capital markets for small and medium-size enterprises. Although these markets have developed significantly, they still serve relatively few corporations, albeit from new sectors
    Language: English
    DOI: 10.1596/32497
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 3
    Online Resource
    Online Resource
    The rise of domestic capital markets for corporate financing (2019)
    Washington, DC, USA : World Bank Group, Development Economics, Development Research Group
    Details
    UID:
    gbv_1668195283
    Format: 1 Online-Ressource (circa 61 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8844
    Content: During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By examining the case of East Asia, this paper shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. As domestic markets developed, more and smaller firms gained access to equity and corporate bond financing. Domestic markets also helped some corporations to diversify funding sources and obtain domestic currency financing. Policy reforms following the Asian Financial Crisis accompanied the growth of domestic markets. Part of the reforms were aimed at developing domestic capital markets for small and medium-size enterprises. Although these markets have developed significantly, they still serve relatively few corporations, albeit from new sectors
    Additional Edition: Erscheint auch als Druck-Ausgabe Abraham, Facundo The Rise of Domestic Capital Markets for Corporate Financing Washington, D.C : The World Bank, 2019
    Language: English
    Keywords: Graue Literatur
    DOI: 10.1596/1813-9450-8844
    URL: Volltext  (lizenzpflichtig)
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 4
    Online Resource
    Online Resource
    Global corporate debt during crises : implications of switching borrowing across markets (2020)
    [Washington, DC, USA] : World Bank Group, Development Economics, Development Research Group & Finance, Competitiveness and Innovation Global Practice
    Details
    UID:
    gbv_1700642243
    Format: 1 Online-Ressource (circa 63 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9142
    Content: This paper studies how crises prompted firms to switch borrowing across markets, impacting the amount borrowed, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and emerging economies, the paper shows that firms shifted their issuances between domestic and international syndicated loans and corporate bonds during financial crises. Firms reduced their borrowing in shock-hit markets but increased it in other debt markets. Firms also moved toward longer-term markets, maintaining (or even increasing) their borrowing maturity. As they moved toward domestic markets during international crises, firms reduced the share of foreign currency debt. The opposite occurred during domestic crises. Large firms were the ones that switched between international and domestic markets, affecting aggregate capital raising activity. The analysis of four distinct markets generates patterns consistent with credit supply shocks that are different from those obtained when studying the dynamics of individual markets
    Additional Edition: Erscheint auch als Druck-Ausgabe Juan J. Cortina Global Corporate Debt during Crises: Implications of Switching Borrowing Across Markets Washington, D.C : The World Bank, 2020
    Language: English
    Keywords: Graue Literatur
    DOI: 10.1596/1813-9450-9142
    URL: lizenzpflichtig
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Open Access Request
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 5
    Online Resource
    Online Resource
    Growth of global corporate debt : main facts and policy challenges (2020)
    [Washington, DC, USA] : World Bank Group, Development Economics, Development Research Group
    Details
    UID:
    gbv_1735741248
    Format: 1 Online-Ressource (circa 44 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9394
    Content: This paper surveys the literature to document the main stylized facts, risks, and policy challenges related to the expansion of global nonfinancial corporate debt after the 2008-09 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerging economies. Between 2008 and 2018, corporate debt increased from 56 to 96 percent of gross domestic product in emerging economies, whereas this ratio remained stable in developed economies. Nonfinancial corporate debt was mainly issued through bond markets, and its growth can be largely attributed to accommodative monetary policies in developed economies. Whereas increased debt financing has some positive aspects, it has also amplified firms' solvency risks and exposure to changes in market conditions, such as the economic downturn triggered by the COVID-19 pandemic. Because capital markets have a larger role in firm financing, policy makers have limited tools to mitigate the risks of growing firm debt
    Additional Edition: Erscheint auch als Druck-Ausgabe Abraham, Facundo Growth of Global Corporate Debt: Main Facts and Policy Challenges Washington, D.C : The World Bank, 2020
    Language: English
    Keywords: Graue Literatur
    DOI: 10.1596/1813-9450-9394
    URL: lizenzpflichtig
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Open Access Request
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 6
    Online Resource
    Online Resource
    The Internationalization of China's Equity Markets (2023)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1877052671
    Format: 1 Online-Ressource (66 pages)
    Content: The internationalization of China's equity markets started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms' equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018
    Additional Edition: Erscheint auch als Druck-Ausgabe Cortina, Juan J The Internationalization of China's Equity Markets Washington, D.C. : The World Bank, 2023
    Language: English
    DOI: 10.1596/1813-9450-10513
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Open Access Request
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 7
    Online Resource
    Online Resource
    Global Corporate Debt during Crises : Implications of Switching Borrowing Across Markets (2020)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048274613
    Format: 1 Online-Ressource (63 Seiten)
    Series Statement: World Bank E-Library Archive
    Content: This paper studies how crises prompted firms to switch borrowing across markets, impacting the amount borrowed, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and emerging economies, the paper shows that firms shifted their issuances between domestic and international syndicated loans and corporate bonds during financial crises. Firms reduced their borrowing in shock-hit markets but increased it in other debt markets. Firms also moved toward longer-term markets, maintaining (or even increasing) their borrowing maturity. As they moved toward domestic markets during international crises, firms reduced the share of foreign currency debt. The opposite occurred during domestic crises. Large firms were the ones that switched between international and domestic markets, affecting aggregate capital raising activity. The analysis of four distinct markets generates patterns consistent with credit supply shocks that are different from those obtained when studying the dynamics of individual markets
    Additional Edition: Erscheint auch als Druck-Ausgabe Juan J. Cortina Global Corporate Debt during Crises: Implications of Switching Borrowing Across Markets Washington, D.C : The World Bank, 2020
    Language: English
    DOI: 10.1596/1813-9450-9142
    URL: Volltext  (URL des Erstveröffentlichers)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    EUV Frankfurt
    HTW Berlin
  • 8
    Online Resource
    Online Resource
    Growth of Global Corporate Debt : Main Facts and Policy Challenges (2020)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048274833
    Format: 1 Online-Ressource (44 Seiten)
    Series Statement: World Bank E-Library Archive
    Content: This paper surveys the literature to document the main stylized facts, risks, and policy challenges related to the expansion of global nonfinancial corporate debt after the 2008-09 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerging economies. Between 2008 and 2018, corporate debt increased from 56 to 96 percent of gross domestic product in emerging economies, whereas this ratio remained stable in developed economies. Nonfinancial corporate debt was mainly issued through bond markets, and its growth can be largely attributed to accommodative monetary policies in developed economies. Whereas increased debt financing has some positive aspects, it has also amplified firms' solvency risks and exposure to changes in market conditions, such as the economic downturn triggered by the COVID-19 pandemic. Because capital markets have a larger role in firm financing, policy makers have limited tools to mitigate the risks of growing firm debt
    Additional Edition: Erscheint auch als Druck-Ausgabe Abraham, Facundo Growth of Global Corporate Debt: Main Facts and Policy Challenges Washington, D.C : The World Bank, 2020
    Language: English
    DOI: 10.1596/1813-9450-9394
    URL: Volltext  (URL des Erstveröffentlichers)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    EUV Frankfurt
    HTW Berlin
  • 9
    Online Resource
    Online Resource
    Corporate Debt Maturity in Developing Countries : Sources of Long- and Short-Termism (2017)
    World Bank, Washington, DC
    Details
    UID:
    gbv_1759638145
    Format: 1 Online-Ressource
    Series Statement: Policy Research Working Paper No. 8222
    Content: This paper documents to what extent firms from developing countries borrow short versus long term, using data on corporate bond and syndicated loan markets. Contrary to claims in the literature based on firm balance sheets, firms from developing countries borrow through bonds and syndicated loans at maturities similar to those obtained by developed country firms. The composition and use of financing matters. Firms from developing countries borrow shorter term in domestic bond markets, but the differences in international issuances (accounting for most of the proceeds) are significantly smaller. Developing country firms borrow longer term in syndicated loan markets, which they partially use for infrastructure projects. However, only large firms from developing countries (similar in size to those from developed ones) issue bonds and syndicated loans. The short-termism in developing countries is partly explained by a lower proportion of firms using these markets, with more firms relying on other shorter-term instruments
    Note: English , en_US
    Language: Undetermined
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Stabi Berlin
  • 10
    Online Resource
    Online Resource
    The Rise of Domestic Capital Markets for Corporate Financing (2019)
    World Bank, Washington, DC
    Details
    UID:
    gbv_1759628212
    Format: 1 Online-Ressource
    Series Statement: Policy Research Working Paper No. 8844
    Content: During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By examining the case of East Asia, this paper shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. As domestic markets developed, more and smaller firms gained access to equity and corporate bond financing. Domestic markets also helped some corporations to diversify funding sources and obtain domestic currency financing. Policy reforms following the Asian Financial Crisis accompanied the growth of domestic markets. Part of the reforms were aimed at developing domestic capital markets for small and medium-size enterprises. Although these markets have developed significantly, they still serve relatively few corporations, albeit from new sectors
    Note: East Asia and Pacific , English
    Language: English
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Stabi Berlin
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